STATEWIDE PROGRAM
Home Plus Home Loan Program

Assistance Available:
The Home Plus Program is administered by the Arizona Industrial Development Authority.

They offer qualified applicants a 30 year, fixed rate mortgage in combination with downpayment assistance (DPA). The assistance available ranges from 0% to 5% depending on the primary mortgage.

The assistance is in the form of a 3 year second mortgage with no interest and forgiven 1/36th a month over the life of the loan. You are allowed to use the DPA for the downpayment, closing costs, or a combination of both. Mortgage insurance premiums are reduced on conventional (Fannie Mae/Freddie Mac) loans. This assistance is only available in coordination with a Home Plus mortgage.

Qualifications:
The borrower’s yearly income cannot exceed $99,170. The purchase price for the home cannot exceed $396.680. Buyer must occupy the home as the primary residence. Borrowers must meet the program’s minimum credit scores as well as the primary mortgage guidelines. A homebuyer education course must be completed by one borrower prior to closing.

CITY AND COUNTY PROGRAMS

Pima County
HOME Down Payment Assistance

Assistance Available:
The Family Housing Resources of Arizona offers downpayment assistance to residents of Pima County and the City of Tucson. This is in the form of 3.5% of the purchase price of the home not to exceed $3,700. The 5 year second mortgage is forgivable. Funds can be used for downpayment or closing costs as well as prepaid items. Funds are limited.

Qualifications:
Buyers must occupy the home as the primary residence. The annual combined household income cannot exceed 80% of area median. Buyers and spouses/partners are required to attend FHR’s Homebuyer Education Course. Buyer must contribute at least $1000 of their own funds. Buyers must not owe Tucson any amount for Section 8 or public housing. The debt ratio maximum is 45%. No cash back at closing is allowed. At closing buyer must show the ability to pay at least one month’s mortgage payment. Manufactured homes are accepted. A home inspection conducted by an approved inspector is required.

Pathway to Purchase Down Payment Assistance

Assistance Available:
The Arizona Department of Housing in conjunction with Arizona Home Foreclosure Prevention Funding Corporation provides assistance through the Pathway to Purchase Program to qualified buyers purchasing homes in 26 specific zip codes in 12 Arizona cities. The assistance consists of a 5 year forgivable, no interest, no required monthly payment, second mortgage equal to 10% of the purchase price (maximum is $20,000). The assistance is only available in conjunction with a Pathway to Purchase first mortgage. The first mortgage must be a Freddie Mac HFA Advantage. Funds are limited and distributed on a first come, first serve basis.

Qualifications:
Buyers must be owner occupants. The home purchased must be in one of the targeted areas. Borrowers annual income cannot exceed $92,984. The purchase price cannot exceed $371,936. A homebuyer education course must be completed prior to closing. The purchased home cannot be new construction or a spec house.

Pima Tucson
Pima Tucson Homebuyer’s Solution Program

Assistance Available:
The City of Tucson and Pima County Industrial Development Authorities makes the Pima Tucson Homebuyer’s Solution Program available. The assistance is 2.5%, 3%, 4%, or 5% of the primary mortgage amount in the form of a 3 year forgivable second mortgage. Primary loans can be government (VA, HUD, USDA) or conventional. Some restrictions apply. This is not a bond program.

Qualifications:
The buyer must be an owner occupant. The buyer must not exceed the income limit: $99,169 for VA, HUD, USDA, or conventional loans. Completion of a homebuyers education course is required. New construction, existing homes, condominiums, townhomes, and 1-4 unit properties qualify.

Tucson, Pima County
WISH Down Payment Assistance Program

Assistance Available:
Family Housing Resources (FHR) provides downpayment assistance through the WISH Program by matching up to 4 times the financial contribution of the buyer (maximum is $16,000). This is a 5 year forgivable silent second mortgage. Funds are limited. The program does not consider credit scores as long as all the other program parameters are met. FHR charges an $800 fee at closing. The assistance funds can be used to pay for it.

Qualifications:
Your annual income must not exceed 78% of area median income. You must contribute a minimum of $2000. This can be a gift. Applicants must attend a homebuyer education course and meet with a housing counselor. The home purchased must be in the City of Tucson or Pima County. Only first time home buyers (have not owned a home in 3 years) qualify. The home must be the primary residence of the buyer. You cannot have in excess of $10,000 in liquid assets at the time of closing. The buyer must have a minimum of 1 month reserve for repayment of loan.